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TD High Interest Savings Account Review (2024)


Fact Checked

A high-interest savings account (HISA) allows you to grow your money and reach your financial goals faster.

That said, the interest rates offered by big banks are often not as competitive as one would like, especially when compared to digital bank savings.

TD Canada Trust has two savings accounts that fit into the ‘high interest’ category:

  • TD High-Interest Savings Account (0.05%), and
  • TD ePremium Savings Account (up to 1.85%)

To earn interest in these accounts, you must maintain a minimum balance of $5,000 or more.

This review of TD’s high-interest savings accounts covers their features, benefits, downsides, fees, and alternatives.

For an updated list of the best savings account rates in Canada, click here.

TD High Interest Savings Accounts


1. TD High-Interest Savings Account

The TD High-Interest Savings Account is TD’s standard HISA account for those looking to earn a higher rate in their savings held at the bank.

It offers a tiered interest rate of up to 0.05% on balances exceeding $5,000. For balances below $5,000, the interest rate is 0%.

Account BalanceInterest Rate
$0 to $4,999.990.00%
$5,000 to $49,999.990.05%
$50,000 to $99,9999.990.05%
$100,000 to $249,999.990.05%
$250,000 to $1 million0.05%
$1 million+0.05%

These rates are significantly lower than what you would earn from an EQ Bank Savings Plus Account (up to 4.00%*) or Neo Financial (4.00%).

For a limited time, you could also get a 6.00% interest rate from Simplii Financial.

The other features of the TD HISA are:

  • $0 monthly account fee               
  • Transaction fees are waived with a minimum monthly balance of $25,000
  • Access to automated savings
  • CDIC protection up to $100,000 per category
  • Mobile cheque deposits using your Smartphone

2. TD ePremium Savings Account

The TD ePremium Savings Account is TD’s second HISA account. It offers a tiered interest rate of up to 1.85% on balances of $10,000 and over.

Account BalanceInterest Rate
$0 to $9,999.990.00%
$10,000 to $49,999.991.85%
$50,000 to $99,9999.991.85%
$100,000 to $249,999.991.85%
$250,000 to $1 million1.85%
$1 million and over1.85%

Other features of this account are:

  • $0 monthly account fee
  • Unlimited free online transfers to your other TD accounts
  • Access to Automated Savings

The TD ePremium Savings Account has a slightly higher interest rate than the TD HISA; however, it is not much better when compared to alternatives.

TD High-Interest Savings Account Fees

TD savings accounts may incur fees when you perform certain transactions, such as ATM withdrawals or sign up for paper statements.

Fees to keep in mind include:

Non-TD ATM in Canada$2 each
Foreign ATM in U.S. or Mexico$3 each
Foreign ATM in any other foreign country$5 each
Transactions (bill payments, Interac e-Transfers, cheques, pre-authorized debits, etc.)$5 each
Paper statement fee$2 per month

Other TD Bank Savings Accounts

TD offers two other savings accounts:

TD Every Day Savings Account: This is TD’s regular savings account. It has a tiered interest rate of up to 0.01% and includes one free transaction per month. There is no minimum balance to waive the fees on excess transactions, although transfers to your other TD deposit accounts are free.

TD Student Account: This hybrid account (chequing + savings) is available to students and kids. It offers:

  • $0 monthly fee
  • Unlimited transactions
  • Automated savings (0.01% interest rate)

Find out more about children’s savings accounts.

TD High-Interest Savings Accounts Alternatives

The best high-interest savings accounts are often offered by online banks such as EQ Bank, Tangerine, and Motive Financial. Financial technology companies such as Wealthsimple also do well.

Compared to a TD high-interest savings account, the HISA offered by the EQ Bank Savings Plus account offers unlimited free debit transactions, unlimited Interac e-Transfers, bill payments, mobile cheque deposits, and more. Also, it has no monthly fees.

See how they compare with the TD HISA account below:

Savings AccountsTD High-Interest SavingsTD ePremium SavingsEQ Bank Plus SavingsNeo Financial
Interest RateUp to 0.05%Up to 1.85%Up to 4.00%*4.00%
Monthly account fee$0$0$0$0
Minimum balance  to earn interest$5,000$10,000NoneNone
Minimum balance to waive transaction fees$25,000N/AN/AN/A
Number of free transactionsNone unless you keep $25k or moreFree transfers to your other TD deposit accounts; otherwise $5 eachUnlimited (includes free Interac e-Transfers and bill payments)Unlimited (includes free Interac e-Transfers and bill payments) via Neo Money
Noteworthy featuresAutomated savings plan, mobile appAutomated saving plan, mobile appFree mobile cheque deposits; cheap international money transfer; automatic savings mobile appAutomatic savings, mobile app, cash back credit card
 Learn more  Get this rateGet this rate

Related: RBC High Interest Savings Account.

About TD Canada Trust

TD Canada Trust is TD Bank Group’s customer-focused personal and small business banking business.

It serves over 15 million clients nationally and offers them access to 4,000 TD ATMs across Canada and the U.S.

The TD Bank Group was created in 1955 following the merger of the Bank of Toronto and The Dominion Bank.

It is one of the largest financial institutions in Canada and trades on the Toronto and New York stock exchanges under the symbol ‘TD.’

TD High-Interest Savings FAQs

What is the best TD Savings account?

To earn the best rates on your money if you are a TD client, you can check out their TD high interest savings or TD ePremium savings. The interest rate being offered is up to 1.85%, which is lower than the best savings rates in Canada.

What is the highest interest rate on savings accounts in Canada?

Online banks such as EQ Bank offer some of the best non-promotional savings rates in Canada. This comparison table shows how TD, Neo Financial, EQ Bank, and Neo Financial savings accounts compare.

How much interest will I get per year on $10,000 held in a TD Savings account?

Using compounding interest calculated on a daily frequency, your principal will increase to $10,010 after 12 months. This assumes you keep your funds in the TD HISA at a 0.10% interest rate, and you do not make any further contributions. The interest earned after one year on a $10,000 savings is $10.

Related reading

TD High Interest Savings Account Review
  • Ease of use
  • Savings rate
  • Minimum balance
  • Free transactions


Learn about TD’s High Interest Savings Account features including its interest rate, fees, downsides, and how it compares to alternatives HISA savings accounts in Canada.


  • Offered by a big bank
  • Provides access to various bank products


  • Not the best savings rates in Canada

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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1 thought on “TD High Interest Savings Account Review (2024)”

  1. Gravatar for John Emery

    With the TD hiGH iNTEREST sAVINGS aCCOUNT YOU HAVE TO PAY $5.00 TO GET youR mONEY OUT OF THE ACCOUNT UNLESS YOU HAVE $25,000 OR MORE. I think they are a really greedy although you have a rock solid bank. I only have a nominal amount in the account.

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